Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,395/mo
+$407/mo- Down payment
- $0
- Funds due
- $10,596
- Interest + MI left
- $165,192
- First ends
- Jul 2051
New loan
New conventional
$1,988/mo
Lowest payment- Down payment
- $21,490
- Funds due
- $29,270
- Interest + MI left
- $293,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $362,974 | $193,410 |
| Second mortgage | — | — |
| First P&I | $1,784.35 | $1,339.13 |
| Second P&I | — | — |
| Mortgage insurance | — | $38.68 |
| Taxes, insurance & HOA | $610.50 | $610.50 |
| Total housing payment | $2,394.85 | $1,988.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,596
Usable credit−$0
Total buyer cash needed$10,596
Earnest money paid−$0
Remaining funds due$10,596
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,814.87
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$601.50
Initial HOA (3 months)$780.00
Prepaid interest, first (1 days)$32.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 8 moOf the original 30-year loan at 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$165,192
New conventional · ends Dec 2056$293,319